The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Annual operating expenses (%)

Expense cap expiration date

10/31/2015

Expense cap

0.14%

Total annual operating expenses

1.33%

Fee waivers and/or expense reimbursements

0.30%

Net expenses

1.03%

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses (underlying fund), dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

1Please refer to the prospectus for additional information about cut-off times.

The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An investor cannot invest directly in an index.

The Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of these expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The Investor Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund's model allocation and consists of the Russell 3000 Index (90%) and the Barclays U.S. Intermediate Aggregate Index (10%). The performance of the composite benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of these expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

The performance of the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses (underlying fund), dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Morningstar ratings (as of 2/28/2015)

Morningstar category:Aggressive Allocation

Overall

348 funds in category

3 Year

348 funds in category

5 Year

315 funds in category

10 Year

199 funds in category

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An investor cannot invest directly in an index.

The Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of these expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The Investor Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund's model allocation and consists of the Russell 3000 Index (90%) and the Barclays U.S. Intermediate Aggregate Index (10%). The performance of the composite benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of these expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

The performance of the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

Holdings and Details

Portfolio holdings (as of 2/28/2015)

U.S. Equity Fund, Class Select

13.6

Intrepid America Fund, Class Select

11.7

Large Cap Value Fund, Class Select

9.9

Large Cap Growth Fund, Class Select

8.1

Market Expansion Enhanced Index Fund, Class Select

6.0

Intrepid Growth Fund, Class Select

6.0

International Research Enhanced Equity Fund, Class Select

4.8

U.S. Large Cap Core Plus Fund, Class Select

4.4

International Equity Fund, Class Select

4.0

Intrepid Mid Cap Fund, Class Select

3.4

Global Research Enhanced Index Fund, Class Select

2.7

Small Cap Value Fund, Class Select

2.6

Intrepid European Fund, Class Select

2.4

Core Bond Fund, Class Select

2.3

Liquid Assets Money Market Fund, Class Institutional

2.1

Emerging Markets Equity Fund, Class Select

1.7

Value Advantage Fund, Class Select

1.6

Emerging Economies Fund, Class Select

1.6

Equity Income Fund, Class Select

1.5

U.S. Dynamic Plus Fund, Class Select

1.2

Inflation Managed Bond Fund, Class Select

1.1

Dynamic Growth Fund, Class Select

1.0

Mid Cap Growth Fund, Class Select

0.7

High Yield Fund, Class Select

0.6

Systematic Alpha Fund, Class Select

0.6

Multi-Cap Market Neutral Fund, Class Select

0.6

Research Market Neutral Fund, Class Select

0.5

Core Plus Bond Fund, Class Select

0.5

Floating Rate Income Fund, Class Select

0.5

Commodities Strategy Fund, Class Select

0.4

Emerging Markets Local Currency Debt Fund, Class Select

0.4

Emerging Markets Debt Fund, Class Select

0.3

Latin America Fund, Class Select

0.3

Strategic Income Opportunities Fund, Class Select

0.3

Unconstrained Debt Fund, Class Select

0.2

Global Natural Resources Fund, Class Select

0.2

*Due to rounding, values may not total 100%. The Fund's actual allocation may differ from the strategic allocation due to periodic tactical changes in the Fund.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

Sharpe ratio: A risk-adjusted measure that determines the reward per unit of risk. The numerator is the difference between the Fund's annualized return and the annualized return of the risk-free instrument and the denominator is the Fund's standard deviation. The Sharpe ratio is calculated over a 36-month period based on the Fund's returns. The greater the Fund's Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-free instrument would perform better than the Fund. The Sharpe ratio shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

Standard deviation: A statistical measure of the degree to which the Fund's returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund's monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

Risk measures are calculated based upon the Funds' broad-based index as stated in the prospectus.

Management

Ove Fladberg|
Executive Director
Biography

Ove Fladberg, executive director, is a research analyst and portfolio manager on the Columbus Investment Team. An employee since 2003, Ove is a member of the Asset Allocation Committee and works on asset allocation optimization, portfolio analytics, asset allocation research and manager due diligence for the Investor Funds and the Alternative Strategies Fund. Ove also interfaces with clients on portfolio positioning, performance and attribution. Ove has previously held various positions within the firm including senior portfolio analyst for the Investment Strategies Team, vice president and sales wholesaler, and vice president of Personal Financial Services at JPMorgan Chase Bank. Prior to joining the firm, he was an investment specialist at Charles Schwab & Co. and an investment representative at Edward Jones. Ove obtained a Masters of Business and Economics from BI Norwegian School of Management and holds NASD Series 7 and 63 licenses.

Michael Loeffler, CFA, vice president, is a member of the Columbus Investment Team. His responsibilities include implementation of the allocation strategy for the Investor Funds and the Alternative Strategies Fund. Michael is also responsible for producing research and reports to support the asset allocation investment process. He is a part of the manager due diligence reviews for the fund selection process. Michael also manages a merger arbitrage strategy that is a part of the Alternative Strategies Fund. Additionally, he serves as portfolio manager of the U.S. Equity Index strategy and assists in the management of the team’s enhanced index strategies. Prior to his employment with the firm, he was a mutual fund accountant at Bisys Fund Services. In 1999, Michael joined the firm as an investment operations analyst where he processed One Group mutual fund trades for trust accounts. In 2000 he joined the current investment team. Michael obtained a B.S. in finance from Ohio University and is a CFA charterholder and a member of the CFA Society of Columbus.

James Sexton, CFA, is a member of the Global Fixed Income Division. An employee since 1980, Jim is a member of the Fixed Income Management Committee, the Global Cash Investment Policy Committee, the Fixed Income Policy Committee, and the Asset Allocation Committee, and has been a member of the Fund Portfolio Management Team since December 2006. Jim has held various analyst, risk management, portfolio management, and business management roles within the firm. Prior to joining the firm, Jim was employed as an auditor.

Nicholas W. D'Eramo, vice president, is a member of the Columbus Investment Team. Nick is a portfolio manager for the JPMorgan Alternative Strategies Fund, manages the mid-institutional asset allocation portfolios, and assists with the management of the JPM Investor Funds. His responsibilities include portfolio implementation and special research projects across the multi-asset space. Other responsibilities include being the lead analyst for International research, as well as, monitoring and communicating domestic and international monthly economic data and trends. An employee since 1999, Nicholas has held various positions within the firm including portfolio manager for the JPM International Equity Index Fund, equity trader for Bank One Investment Advisors, and a senior employee benefits reporting analyst in the Banc One Investment Management Group. Prior to joining the firm, he was a senior mutual fund accountant at BISYS Mutual Fund Services. He holds a B.A. in finance from the University of Toledo, and a Masters in financial economics from Ohio University.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

Fees and Expenses

Annual operating expenses (%)

Expense cap expiration date

10/31/2015

Expense cap

0.14%

Total annual operating expenses

1.33%

Fee waivers and/or expense reimbursements

0.30%

Net expenses

1.03%

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses (underlying fund), dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Fee calculator

Fund balance

Expense cap

0.14%

Total annual fees

$

Quarterly fees

$

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

Investors should carefully consider the investment objectives, risks, charges and expenses of the J.P. Morgan Funds. This and other important information is contained in the prospectus, which can be obtained from your financial professional and should be read carefully before investing.

Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. The views and strategies described may not be suitable for all investors.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC.